Small lenders embrace online mortgage applications

Many of the large lenders are dragging the chain when it comes to improving the online experience of home loan applicants.

A handful of lenders report that their customers are happy to use the internet for applications, right through to settlement, but most borrowers are still dealing with paper-based applications and face-to-face meetings with their lenders.

Chief executive of mortgage lender State Custodians, Heidi Armstrong, said: “Our customers are comfortable going through online verification, accessing documents in PDF form and using digital signatures.”

“The reason most people go through a mortgage application face-to-face is that the lenders who have most of the market share don't give them any other way of doing it.”

Source: Banking Day